Thinking of Renting....

Burnbaby76

Hi all,

Looking for a bit of advice on this,

I am the owner of a 3 bed house, and recently my mother has been left home alone, so was thinking of moving in to keep her company for minimum a year.

With this in mind was contemplating renting out my house - be it privately or to the Local Council.

Can anyone advise what hoops need to be jumped through in order to do this?

ie. what cost implication(s) if any would need to be satisfied???

I've only ever been a "Tenant" never a Landlady.... so this is all very new and daunting, so any advice would be appreciated.

Normally I would sell, but as I bought during the Glorious Celtic Tiger - what I paid for the house... and what's remaining on the mortage to be paid isn't what I'd get if I sold the place. And as I'm one of the fortunate ones on a Tracker Mortgage... I finally figured out what it is - i.e. something you don't get rid of if at all avoidable!

As stated, any advice greatly appreciated.

Burn.

Burnbaby76

Thanks for de info! Will check those sites out.

Cathmandooo

Getting a letting agent to let the place out for you can be handy if you're not in the area to do viewings. You can get an agent for cheaper than 10-15%, I'd say it's more around 5-7%. They'll do the viewings and register you with the PRTB, provide a lease and hand the keys over. Then they give the tenant your details and you deal with them yourself from there.

If you want to let it yourself I'd definitely recommend giving it a try. www.myhome.ie has recently opened up to putting up letting ads for non-agents. It costs €20. Put up loads of information and loads of pictures and answer every enquiry.

Make sure the place is up to scratch, a lick of paint, a thorough clean up of the property will go a long way. Fix anything that needs attention, make sure all appliances are clean and work properly.

Register the tenant with the prtb www.prtb.ie this is to protect both parties and must be done.

You can download a sample lease on www.irishlandlord.com and alter it, I believe their sample lease is a month to month tenancy, you could change it to a fixed term for a year.

Familiarise yourself with landlord and tenant rights and obligations on www.threshold.ie

Best of luck

Sand Wedge

OP be careful before renting out your house. If you rent out your house and you were a first time buyer you will lose the tax relief on your mortgage repayments. In addition if you do not have a buy to let mortgage and start renting out the property you would be breaking terms of agreement of your mortgage. Your bank would more than likely withdraw your mortgage and you would lose your tracker mortgage.

You could get round this if you stayed in your own house a few days a week and only rented out a room in your house. You cab earn up to €10,000 under this, and it won't affect the tax relief on mortgage repayments or terms of mortgage agreement.

MsFifers

Sand Wedge wrote: »

In addition if you do not have a buy to let mortgage and start renting out the property you would be breaking terms of agreement of your mortgage. Your bank would more than likely withdraw your mortgage and you would lose your tracker mortgage.

I don't think this is correct? Can anyone else clarify?